Argo Blockchain Completes $8.3 Million Financing for Expansion

Bittime - Argo Blockchain (NASDAQ: ARBK), a Bitcoin mining company, recently completed a private placement financing round totaling approximately £6.5 million (equivalent to $8.3 million). This financing involves the issuance of common shares to institutional investors.

Argo Blockchain Shares and Warrants Offering Details

Argo will issue 57.8 million ordinary shares at a price of £0.1125 per share to institutional investors. In addition, the company will also issue warrants to purchase an additional 57.8 million shares at the same exercise price, valid for 5 years. The issue price is higher than the 30, 60, and 90 day volume weighted average price (VWAP), but 10% lower than the closing price on July 29, 2024. HC Wainwright & Co. acted as exclusive placement agent for this transaction.

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Use of Financing Funds

Funds obtained from this financing will be used for working capital, general corporate purposes, and debt payments. The additional funds are expected to strengthen the company's financial position and support its growth and operations in the future.

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Listing of Shares on the London Stock Exchange

The newly issued shares are scheduled to begin trading on the London Stock Exchange on July 31, 2024, Beijing time. This listing is expected to increase liquidity and provide better investment opportunities for shareholders.

Peran HC Wainwright & Co.

HC Wainwright & Co. acted as exclusive placement agent in this financing round, managing and facilitating the share placement process. Their success in this task ensures smooth transactions and achievement of financing targets.

Conclusion

Argo Blockchain's success in securing $8.3 million in financing is an important strategic move for the company's future. The additional funding will support Argo's development and operations, with the new shares trading on the London Stock Exchange offering new opportunities for investors.

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